2020年歐洲支付展望報告 - Emerging Payments Association（英文版）（56頁）.pdf

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1、THE EUROPEAN PAYMENTS LANDSCAPE IN PERSPECTIVE 2020 REPORT 2 The European payments landscape in perspective ABOUT THE EMERGING PAYMENTS ASSOCIATION EU The Emerging Payments Association EU A.S.B.L (EPA EU) is a non-profit association of payments industry influencers based at the LHoFT in Luxembourg.

2、The purpose of the Association is to promote and defend the interests of its members and as well as the study of any issues concerning the payments industry in the European Union. EPA EU builds on the international network of our London-based sister organisation, the Emerging Payments Association (E

3、PA), consisting of 150 members from across the payments value chain; including payments schemes, banks and issuers, merchant acquirers, PSPs, retailers, and more. EPA EU seeks to achieve its objectives by organizing events, managing projects defending the interests of its members, publishing researc

4、h documents and providing training. Collectively, members of the EPA transact more than 6 trillion annually and employ more than 300,000 staff, meaning that we now have a significant influence over the industrys future. WHY JOIN THE EMERGING PAYMENTS ASSOCIATION EU? If youre going to really prosper

5、in payments, you need access. You need to know the right people. And you need to be on the pitch and make your voice heard. You also need the freshest news and the latest thinking, and a pool of partners and prospects in which to fish. And you need influence over the future landscape so that when yo

6、u get there, you thrive. As a member of the EPA EU you will move your business from reactive to proactive to predictive. From follower to leader. Gaining first mover advantage or a competitive edge. And you will avoid investing in no-hope technology or from incurring a regulators wrath. You need pow

7、erful and influential friends. Lots of them. EMERGING PAYMENTS ASSOCIATION EU A.S.B.L. The Lhoft 9, rue du Laboratoire L-1911 Luxembourg infoemergingpayments.eu emergingpayments.eu EPAssocEU Emerging Payments Association EU 3 EPA.EU : 2020 REPORT Introduction . 04-05 North America: Capital and Innov

8、ation . 06-09 The dawn of the Asian century? . 10-16 Europe: a fragmented landscape . 17-31 Benelux: faster, better, local . 32-37 The Nordic Countries: Global Leaders . 38-40 Eastern Europe and the Baltics: opportunities arise . 41-43 European payments hubs . 44-46 European best practices: Overview

9、 . 47-50 Glossary . 51 Contact Us . 55 CONTENTS Change in financial services generally, and payments in particular is happening so fast, there are no guarantees as to what the future will look like. 4 Change in financial services generally, and payments in particular is happening so fast, there are

10、no guarantees as to what the future will look like. In particular, the arrival of the global COVID-19 pandemic is likely to trigger profound economic shifts, as strategists from the UN, McKinsey 1 and various think-tanks have noted. Payments will not be immune. For example, it is not a stretch to su

11、ggest that COVID-19 will hasten the shift from card payments at POS to contactless digital wallets, both in-store and online. While this shift was already underway before the pandemic, the absence of a requirement to key in PINs and/or codes has made contactless payments more popular, in particular

12、via digital wallets. Indeed, at the time of writing, governments across Europe and North America have already increased the limit for contactless transactions by 50% to prevent consumers from having to use keypads so often. That shift, in turn, has implications for how we structure and implement dig

13、ital ID systems in both the physical and online environments; which means more investment in new payments technologies. In recent years, investment in financial technologies (FinTech) relating to payments has outstripped other tech investments in financial services by a factor of two to one. The pac

14、e of change means the disrupter can become the disrupted very rapidly. For example, while cards continue to replace cash, cards themselves are now at risk of being replaced by digital wallets such as Apple Pay and Google Pay, mobile systems (e.g. AliPay and WeChat), and account-to-account systems su

15、ch as Trustly. Meanwhile, the banks behind the card schemes are themselves under threat from a wave of neobanks, or digital-only banks such as Revolut, N26 and Monzo. Unheard of ten years ago, more than 20% of US households now use neobanks, with a further 8.8% planning to open neobank accounts this

16、 year.2 Faced with such competition and supporting an unsustainable cost base, Europes bricks and mortar financial institutions are reducing in number, and their branch networks are slowly declining as internet banking becomes the preferred way to bank. Younger consumers born after 1998, who have gr

17、own up with the internet and digital technologies, overwhelmingly prefer contactless payments and remote payments to the traditional use of cash or cards though to provide a note of calm, debit cards remain Europes preferred way to pay across all age groups. 1 For the McKinsey study, see implication

18、s-for-business 2 See INTRODUCTION The European payments landscape in perspective 5 EPA.EU : 2020 REPORT Even those ideas which we might think of as revolutionary such as shopping online are now commonplace. In just ten years, online shopping has become the norm for Europeans, with the question now b

19、eing how much of that shopping happens when users are on the move through mobile devices. Beyond that, the phenomenon of faster payments which allow for instant transfer and settlement looks set to make an impression on international money transfers. This offers the possibility of transferring funds

20、 from Brussels to Shanghai in seconds, rather than days. And then there are the almost science-fiction possibilities of paying with your finger or your face. New challenges are emerging in this digital landscape: ensuring that payments are safe, that our personal data online is protected, and ensuri

21、ng the cross-border payments landscape is quick, seamless, and at a low cost all over the planet. In the following pages, we offer an overview of global trends looking at some of the worlds leading payments markets, followed by a focus on key European markets and regions. As a result, this study aim

22、s to provide a survey of the rapidly changing payments landscape around the world, comparing and contrasting the uptake of fintech in the payments sector in multiple geographies. It also looks at environmental factors supporting (or hindering) the emergence of new methods of payment. In doing so, it

23、 attempts to provide clues as to why some geographies are approaching fully cashless societies, while elsewhere paper notes remain de rigeur. Younger consumers born after 1998, who have grown up with the internet and digital technologies, overwhelmingly prefer contactless payments and remote payment

24、s to the traditional use of cash or cards. Introduction The US card business is under attack from big tech and nimble digital players. North America: Capital and Innovation The USA a tale of two markets Still clinging on to its crown as the worlds largest economy despite fast-growing competition fro

25、m China and India, the USA is also one of the main global centres for innovation in payments and the worlds largest single-nation market for payments by transaction value. Set against this backdrop, however, is the uniquely fragmented state of US banking, and a paucity of industry-led initiatives to

26、 develop a coherent payments infrastructure. As a result, there has been a historically slow adoption of new technologies such as the EMV card standard3, chip and PIN technologies, and now digital ID standards. It seems as though this history of confused standards is now repeating itself in Faster P

27、ayments, with the Federal Reserve proposing a national system (FedNow) and the private sector offering alternative solutions4. 3 EMV, introduced by Europay, MasterCard, and Visa in 1994, is a secure technology that is used worldwide for all payments done with credit, debit, and prepaid EMV smart car

28、ds. It can be used in three forms: contact, contactless, and mobile. 4 system-for-launch-in-2023-or-2024-idUSKCN1UV1XP Nearly US$100 billion has flowed into fintech ventures since 2010 Global fintech financing activity by region (2010-2017) 50k 40k 30k 20k 10k 0k 3k 2.5k 2k 1.5k 1k 0.5k 0k 2010 1,88

29、9 2,548 3,231 4,819 2011201220132014201520162017 Investments ($M) Deal Volume (#) Source: Accenture Research analysis of CB Insights data Legend 338 476 638 812 948 1,194 1,805 2,694 North America Global deal volume APACEurope RoW 13,337 21,170 23,255 27,445 6 The European payments landscape in pers

30、pective North America: Capital and Innovation Innovation starts here North America has consistently outstripped the rest of the world when it comes to FinTech investment over the past decade. And with payments accounting for twice the number of dollars invested in any other category of FinTech, the

31、US has every right to see itself as one of the global leaders in payments innovation. Indeed, the 2020 Finexable Index of the worlds FinTech hubs5 puts four US cities in the top ten for capital availability, talent and ecosystem. Big tech muscles in Alongside this capital investment, major US techno

32、logy firms are beginning to threaten traditional banks positions in payments. Although Samsung, IBM and Intel have all made moves into payments, with Samsungs mobile wallet gaining some traction, there is little doubt that the four tech giants Google, Amazon, Facebook, and Apple, (GAFA) are also tar

33、geting the entire payments spectrum, from virtual currencies to credit cards, intermediation services and P2P. Facebook has seen its payments revenues rise 42% between 2018 and 2019, and announced the launch of its Libra consortium, intended to create the worlds first global crypto- currency (a so-c

34、alled stablecoin). However, by October 2019, Visa, Mastercard, eBay, Stripe, PayPal and Mercado Pago had all withdrawn from the Libra Association. In April 2020, The Libra association has published a second version of its white paper offering single- currency stablecoins in addition to the multi- cu

35、rrency coin they had initially proposed. The company has also been trialling payments over WhatsApp in India since January 2018. For its part, Apples Apple Pay wallet is now accepted in 60% of US retail locations. Apple now sees Apple Pay as a growth machine, with revenue and profitability growth, i

36、f not raw dollar numbers, now outstripping Apples hardware and software offerings. Though markedly less successful than its rivals scheme, Google Pay is now more likely to be used in online transactions than other fast- rising digital wallets like Venmo and Zelle. Meanwhile, online retailing giant A

37、mazon launched a small-business lending platform offering loans of up to $750,000 in 2011, with more than $3 billion in loans to 205,000 small businesses by February 2020. A suite of personal insurance products Amazon Protect is now also available, and the firm has begun establishing a physical pres

38、ence to match its virtual dominance. Big but breaking Put simply, the US credit and debit markets are enormous. The US debit card market was worth more than $3.03 trillion in 2018, and outstanding balances on US credit cards came in just under $1 trillion at the end of 2019. The top ten issuing bank

39、s collectively saw growth of 3.74% in the number of open accounts, and there were more than 280 million open credit card accounts at the end of 2018. 5 See 7 EPA.EU : 2020 REPORT Yet despite these positive growth stories, the US card market suffers from some significant deficiencies compared with Eu

40、rope, and other regions such as Asia. First and most obvious among these challenges is the highly fragmented nature of Americas issuing business. Although the top ten card issuers in the US account for 88% of all cards, there is a long tail of smaller issuers, with 14,000 financial institutions in t

41、he country making up much of the remaining 12% of cards. This fact alone, coupled with a regulatory and legislative distaste for collective action, has historically made the US payments business slow to act when it comes to industry-wide measures such as the move to the EMV standard and chip-and-PIN

42、 protection for consumers at point of sale (POS). The US was one of the last major markets in the world to complete the move to Chip and PIN, only doing so when POS fraud had begun to migrate towards the US from markets that had already moved to EMV. The way ahead As new technologies and alternative

43、 payments such as contactless cards and digital wallets begin to take off through 2020 and beyond, the US appears to have learned lessons from its experience as a laggard in the move to EMV. A US Faster Payments Council has been established to lead the drive towards Faster Payments, and US firms are

44、 taking the lead in the introduction of Artificial Intelligence (AI) and Machine Learning (ML)-based solutions to combat payments fraud. Mastercard and Visa have both pivoted from being card networks to establishing themselves as technology companies focused on payments, and a growing number of merc

45、hants are enabling their payments infrastructure for contactless cards. Despite these facts, the US remains far behind Europe and Asia in its take-up of contactless technologies. North America: Capital and Innovation U.S. contactless payments market, by solutions, (Index) 2014201820152019 774 100 20

46、162020201720212022202320242025 Source: Grand View Research, Inc. Legend Payment terminal solution Security and fraud management Hosted point of sale AnalyticsTransaction management 8 The European payments landscape in perspective North America: Capital and Innovation One significant concern for the traditional payments sector in the US is the huge popularity of digital account-to-account payment schemes like Trustly, wit